Greater Noida: Pay 50% dues by this year to get discounts

NOIDA: The Greater Noida Authority has launched an OTS scheme for allottees of multi-storey buildings
to clear dues. The scheme will benefit over 2,200 homebuyers who have not executed lease deeds, with
the GNIDA likely to collect Rs 468 crore in dues and premiums.
The applicants will have over three months to apply for the scheme from September 5 to December 31
and avail 20-80% discounts on penal interests on the premium, additional compensation, and lease deed
late fees, depending on flat size.
Only those who have not received benefits related to the premium, additional compensation, and lease deed late fees in earlier OTS schemes will be eligible this time. Those who want to avail the scheme will
have to pay the processing fees — Rs 2,000 for a 150 sqm area and Rs 5,000 for over 150 sqm- and an initial 50% of dues with their applications by December 31.

The GNIDA will accept applications via registered post, allottee online service, and at the authority
dispatch counter. The property department will create a separate register of the received applications and
fill it with the application details.
With respect to the premium, allottees have to pay the simple interest accrued on the default amount till
date at the rate applicable at the time of the property allotment or as determined by the Authority later. But
there will be no penal interest on the default amount.
With respect to the 64.7% additional compensation, allottees have to pay 9.5% interest on the default
amount till June 30, 2020, and simple interest at a 8.5% or another rate fixed later from July 1, 2020.
There will be no penal interest on the dues.

For allottees of flats up to 60 sqm, the discount on the lease deed late fee is 80% if they apply by October
30, 60% if they apply from October 31 to November 30, and 40% if they apply from December 1-31. For
allottees of flats of over 60 sqm, there is a 40% discount on the lease deed late fee if allottees apply by
October 30, a 30% discount if they apply from October 31 to November 30, and a 20% discount if they
apply from December 1-31.
The property department will dispose of the applications within 15 days of receipt of the applications.